Hit and Run Candlesticks / Right Way Options
Markets gapped higher at the open (by half a percent in the large-cap indices and by three-quarters of a percent in the QQQ), following the rest of the world higher. Then the bulls gave us a follow-through that lasted until 11:30 am. However, the bears came in at that point and led an afternoon selloff that took us back to the open in the markets and kept heading South, especially in the large caps. (While the QQQ sold off, it held better than the large caps.) This action saw the SPY retest and fail its 50sma and the coinciding resistance level. It has also brought the QQQ up near a retest of its 50sma above before pulling back. We should also note that all three major indices print Shooting Star-type candles.
With 30 minutes left in the day, eight of the 10 sectors are in the green as Technology (+1.86%) led the way higher and Healthcare (-1.07%) lagged behind the other sectors. At the same time, the SPY was up 0.12%, the DIA was down 0.29%, and the QQQ was up 0.95%. Volume was back below average again. Meanwhile, the VXX was up 0.90% to 13.52, and T2122 fell but remained in the overbought territory at 85.11 10-year bond yields plunged to 3.532%, and Oil (WTI) was up 1.33% at $74.75 per barrel. So, overall, it was a gap-up, Shooting Star type of day. | |
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